The legacy one leaves behind can be managed in a variety of ways. Some opt for the traditional will, and others decide that a trust is the right choice for their needs. A revocable trust is a type of trust that allows the grantor to alter or revoke the trust should circumstances change. In Florida, trust administration is enacted by the trustee. A recent new story tells more details about one type of trust, the revocable trust.
The revocable trust allows a creator the right to revoke or amend the trust during his or her lifetime. Upon the creator’s death, the designated successor trustee takes over the trust administration, who must administer the trust according to its terms. The trust contains instructions for the distribution of assets much like a will.
The trust does not need to go through the same probate process that a will must undergo. So, if an individual is interested in allowing the successor trustee to be able to access the money and property assets immediately after the death of the original trustee, a trust is a good option. If the creator also has an interest in keeping the record of the assets private, since the trust does not become a public record in the court system, the trust is a more private choice.
floridaelderlaw.net/Probate-Estate-Ancillary-Administrations/Will-Trust-Litigation.shtml”>Trust administration is an important commitment for the trustee and the successor trustee. In Florida, elder law attorneys are available to assist with forming trusts and selecting individuals for trust administration. An elder law attorney can be a great help in sorting the legal details of trust creation.
Source: madison.com, “Revocable Trusts: What You Need to Know“, Dan Caplinger, June 23, 2017